501 Mountain AVE SW, Roanoke, VA 24016 (MLS# 927031)


$498,000
501 Mountain AVE SW
Roanoke, VA 24016
MLS# 927031



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Property Description
Six-unit multifamily in Roanoke's established Old Southwest neighborhood. Built in 1921, the ±4,556 SF building features six one-bedroom apartments across two floors, an unfinished basement, multiple units with private porches, and a gas boiler heating system. Currently 100% occupied with in-place rents 10-15% below market, offering immediate cash flow with clear upside as leases roll to market. Located on Mountain Avenue SW with close proximity to Carilion Clinic, downtown Roanoke, and the surrounding Old Southwest community.

Details
Maps
General Property Description
Multi-Family Type: Apartments
Construction Status: Completed
Total Acreage: 0.12
# Furnished: 0
# Unfurnished: 6
# Leased Units: 6
Gross Bldg SQFT: 4556
Basement Y/N: Yes
Water Class: N/A
Parking Description: On Street
Gross Income: 62400
Year Built: 1921
Number of Units: 6
Operating Expense: 21447
Net Operating Income: 37833
Location, Tax & Legal
Major Area: 01 - City of Roanoke
Phase: 6
Lot: 26
Block: 12
Tax ID: 112-0828
Annual Taxes: 4596
Section: N/A
POA Y/N: No
Area: 0130 - City of Roanoke - SW
Street Number: 501
Street Name: Mountain
Street Suffix: AVE
Street Direction Sfx: SW
State/Province: VA
Zip Code: 24016
Subdivision: Old Southwest
Municipality: City of Roanoke
Elementary School: Wasena
Middle School: James Madison
High School: Patrick Henry
Remarks & Misc
Directions: 501 Mountain Ave SW Roanoke, VA 24016
Limited Service
Not Limited Service: 1
Construction
Brick: 1
Basement
Full: 1
Heating
Radiator Gas Heat: 1
Cooling
Window Unit(s): 1
Water Description
Public: 1
Sewer Description
Public Sewer: 1
Water Heater Type
Tank: 1
Water Heater Energy
Natural Gas: 1
Owner Expenses
Gas: 1
Water: 1
Other - See Remarks: 1
Tenant Expenses
Electricity: 1
Contract Information
Current Price: $498,000
List Price: $498,000
List Date: 2026-04-28
Status: Active
Property Features
Limited Service: Not Limited Service
Construction: Brick
Basement: Full
Heating: Radiator Gas Heat
Cooling: Window Unit(s)
Water Description: Public
Sewer Description: Public Sewer
Water Heater Type: Tank
Water Heater Energy: Natural Gas
Owner Expenses: Gas; Water; Other - See Remarks
Tenant Expenses: Electricity

Listing Office: INVESTORS REAL ESTATE PARTNERS LLC

Last Updated: April - 28 - 2026

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